EX-12.1 3 d589924dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGERS

 

    Successor          Predecessor  
          Years Ended
December 31,
    Two-Month
Period Ended
December 31,
2009
         Ten-Month
Period Ended
October 25,
2009
    Years Ended
December 31,
2008
 
    Six Months
Ended
June 30,
2013
    2012     2011     2010          
    (In millions except ratios)  

Fixed charges:

                 

Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness

  $ 12.1      $ 23.2      $ 25.8      $ 23.3      $ 1.3          $ 31.2      $ 76.5   

Rent expense

    1.5        2.8        2.8        4.1        0.8            3.9        4.5   

Preferred stock dividend requirements of consolidated subsidiaries

    —          —         —         —         —             6.3        13.3   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

 

Total fixed charges

    13.6        26.1        28.6        27.4        2.1            41.4        94.2   

Earnings:

                 

Income (loss) from continuing operations before income taxes

    (2.6     141.3        29.8        82.5        (0.5         841.8        (314.3

Add:

                 

Fixed charges

    13.6        26.1        28.6        27.4        2.1            41.4        94.2   

Amortization of capitalized interest

    —          —         —         —         —             0.0        0.1   

Less:

                 

Interest capitalized

    —          —         —         —         —             —         —    

Preferred unit dividend requirements of consolidated subsidiaries

    —          —         —         —         —             (6.3     (13.3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

 

Total earnings plus fixed charges

  $ 11.0      $ 167.4      $ 58.5      $ 109.9      $ 1.6          $ 877.0      $ (233.2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

 

Ratio of earnings to fixed charges

    —          6.4x        2.0x        4.0x        —             21.2x        —    
   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

 

The term “fixed charge” means the sum of the following: interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal to one-third of rental expense). Management believes this is a reasonable approximation of the interest factor.

Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:

 

     Successor         Predecessor
     Six Months
Ended
June 30, 2013
   Two-Month
Period Ended

December 31, 2009
        Years Ended
December 31,
2008
     (In millions)

Deficiencies

   $2.6    $0.5        $327.5